Hearthside completes restructuring, emerges as Maker’s Pride

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Hearthside completes restructuring, emerges as Maker’s Pride

31 Mar 2025

Joanie Spencer

Since 2008, Joanie Spencer has covered the retail and wholesale sides of the baking industry.
Serving associations such as the American Society of Baking (ASB) and BEMA, Joanie is also in demand as an industry presenter on bakery operations and trends. She holds a bachelor’s degree in communication from Rockhurst University and a master’s degree in journalism from the University of Missouri.

When she’s not running or playing soccer, Joanie spends her time with her husband and 11-year-old son.

DOWNERS GROVE, IL — Known as the industry’s largest private bakery, Downers Grove, IL-based Hearthside Food Solutions, a leading contract manufacturer for baked goods and other food products, announced the completion of its financial restructuring after filing prearranged Chapter 11 in November 2024.

The company has emerged from Chapter 11 with a new name: Maker’s Pride LLC. The new brand reaffirms the company’s commitment to growth, innovation and making exceptional food.

With a stronger financial foundation and streamlined operations, Maker’s Pride is now positioned for a new phase of growth after the company’s Plan of Reorganization was approved on March 11.

“The swift completion of our financial restructuring process marks a pivotal moment for our company and is a testament to the dedication of our valued team members and committed support of our customers and financial partners,” said Darlene Nicosia, CEO of Maker’s Pride. “With a healthy balance sheet and additional capital to achieve our goals, we are well-equipped to continue serving our customers with excellence.”

Through its financial restructuring, the company eliminated approximately $2 billion of funded debt, substantially reducing interest expense and positioning the business for significant long-term growth. Additionally, Maker’s Pride is equipped with approximately $600 million of liquidity, including $200 million of new money through an Equity Rights Offering and approximately $190 million of additional capital from a new asset-backed loan facility.

“With a healthy balance sheet and additional capital to achieve our goals, we are well-equipped to continue serving our customers with excellence.” — Darlene Nicosia | CEO | Maker’s Pride

“Maker’s Pride is entering an exciting new chapter of innovation and growth,” said Brian Driscoll, board chair. “With a strong foundation, passionate customers and a talented team, Maker’s Pride has a promising future ahead, and I look forward to working with Darlene and the rest of the leadership team to expand and enhance the company’s impact in food manufacturing.”

As part of the restructuring, PJT Partners served as investment banker to the existing lender group comprising the new majority ownership, including funds managed by Apollo and Oaktree Capital Management, LP.

With a global network of 27 facilities, Maker’s Pride will continue production of convenience foods including baked, refrigerated and frozen foods, sweet and salty snacks, and nutrition bars. It is also a full-service provider of food packaging services for many of the world’s premier brands.

“We are thrilled to memorialize this milestone with a new future-facing brand name and identity,” Nicosia added. “Maker’s Pride conveys craftsmanship and authenticity, reflecting the personal pride we have in our products and our unwavering commitment to quality and safety.”

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